There
is an old saying in regards
to gullible people, and
that is "He/She must have been beaten with a 'stupid stick' to fall for that!" Sad to say, sometimes this saying is true, especially for a number of people
who have fallen victim
to the following scam.
There
are a number of agencies
which are marketing
various sorts of diplomatic
and hereditary titles
who assert that, if
you buy one of these
titles, you will be
forever free from paying
federal taxes because
you are protected by
the title. This assertion
is a lie! Once again,
if you are a U.S. citizen,
you have to pay taxes
regardless of what
titles you hold.
While
it is true that, in
some countries in Europe,
you may legally purchase
a heriditary title
(such as Baron of Westminster,
Graf Von Wiesburg,
Doge of Sienna, etc.)
However, having such
a title DOES NOT give
you tax exemption,
plain and simple. Another
scam is agents in Africa
(Nigeria is the main
culprit) offer to sell
you Diplomatic titles
(such as Minister without
portfolio, Consular
advisor, Knight of
Malta, etc.). These
agents will tell you
that having diplomatic
clearance makes you
exempt from paying
taxes. Once again,
this is a lie!
Purchasing
a hereditary title
might get you preferential
treatment if you're
trying to make a reservation
at Claridge's in London,
or to get head of line
priveleges at a famous
nightspot. But that's
all. The same goes
for diplomatic titles.
You may be able to
get a diplomatic license
plate and, possibly,
not have to worry about
getting ticketed. But,
once again, that would
be all you would get.
(By the way, the average
cost for such "priveleges" is $25,000).
Long
ago, if you had one
of these titles, at
the most it would have
helped you get through
U.S. Customs a little
quicker, but not anymore.
These titles have been
so abused that every
government agency has
cracked down on them.
What is worse, if you
try to use such a title
(hereditary or diplomatic)
and you are obviously
a U.S. citizen who
is attempting to use
this title to ease
through Customs, you'll
probably be scrutinized
a lot than the average
tourist.
It
can't be stressed highly
enough: These titles
are worthless. They're
great if you're trying
to impress someone,
but that's about all
they are good for.
And, they're too costly
besides. Having such
titles will only draw
unecessary attention
to you, causing you
headaches, and they're
counterproductive for
whatever you wanted
to use it for.
If
you would like more
information regarding
asset protection, trusts,
family limited partnerships
or the subject of this
article please call
or email our office.